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NACCO Reports Q3 Declines For Both Hamilton Beach, Kitchen Collection

NACCO Industries, parent company of Hamilton Beach and Kitchen Collection, today reported declines in both businesses. For its Hamilton Beach unit, the company reported a decline in net income from $5.6 million in the 2010 third quarter to $4.1 million in the most recent period.
The company attributed the Hamilton Beach decline to higher product costs and a charge of $1.3 million— $800,000 after taxes of $500,000— for the write-off of a capital lease asset, partially offset by lower employee-related costs, favorable foreign currency movements and lower income tax expense.
NACCO also reported a net loss for its Kitchen Collection retail business. For the 2011 third quarter, the company announced that Kitchen Collection’s net loss increased to $500,000 from a net loss of $100,000 in the 2010 period.
NACCO attributed the growing deficit primarily to an increase in selling, general and administrative expenses mainly due to higher corporate employee-related costs, increased store costs due to a growing number of units and higher employee-related and rent expenses at Kitchen Collection comparable stores, partially offset by the favorable effect of closing unprofitable stores.

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